Dan Deming of KKM Financial analyzes the recent consolidation in Gold futures, which have held a narrow range between 4,050 and 4,100 over the past three sessions. After reaching intraday highs above 4,100, gold drifted back toward unchanged levels. Deming breaks down the shifting dynamics in both the equity and Treasury markets that drove this price action. Early positive news from the Middle East initially pushed the equity market and Treasury prices higher, sending yields lower. However, a midday reversal saw the Nasdaq-100 sell off and the short end of the Treasury curve flatten. This broader market selling pressure pulled Gold futures off their highs and similarly dragged Silver futures into negative territory for the day. Deming notes that upcoming earnings and news items will be key to determining if gold can break out of its current consolidation pattern.